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China to have 780 mln t primary crude oil processing capacity by 2015, CPCIF

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2015-04-10 GMT+8:00

BEIJING, Apr. 9 (Xinhua) -- China is set to have 780 million tonnes of primary crude oil processing capacity by 2015, up 2.7 percent year on year, said a report issued by the China Petroleum and Chemical Industry Federation (CPCIF) on Thursday.

Domestic apparent production oil consumption would be equal to 520 million tonnes of crude oil throughput this year, increasing 3.3 percent from 2014, said the report.

Average operational rate of refining facilities in 2015 would be basically in line with 66 percent for 2014.

China had 760 million tonnes of primary crude oil processing capacity and 503 million tonnes of crude oil throughout in 2014, up 5.5 percent and 5 percent year on year, respectively.

Investment growth in the petroleum and chemical sector would continue to slow down and production capacity growth would be slower further, said the report. Phasing out outdated production capacity would accelerate and production capacity in some sectors would even decrease.

Oversupply of petrochemical commodities would not see essential change and demand for petrochemical commodities in the downstream would maintain a slow growth this year, according to the report.

Overcapacity of ammonium phosphate, soda ash and PVC would be eased while the glut of refining, chlor-alkali and ethylic acid would keep unchanged from that in 2014. However, overcapacity of PTA, hydrogen fluoride, organic silicon monomer and synthetic rubber tend to worsen in 2015.

Ex-factory prices of petrochemicals would stay at low levels in 2015, imposing continuous pressures on profitability.

Industry players are urged to explore market potentials, expand exports, improve management and innovation and speed up eliminating out-dated production capacities. (Contributed by Liu Yanan,Zhu Zhu, liuyn@xinhua.org)

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